Choosing The Right Recruitment Agency For Your Real Estate Business — A Comprehensive Guide
As a real estate business owner, you recognize the value of having an ideal team or employee to help you reach your objectives. Time is a valuable thing in the real estate industry, and with all the tasks that need to be done, like finding buyers and sellers, meeting appointments, researching, and many others–24 hours never seems enough. Adding into the mix the lengthy process of hiring independent contractors or freelancers, and you have a recipe for another time-consuming struggle.
Finding and keeping excellent people can be difficult, so working with an agency could be the solution. In this discussion, we’ll look at the main aspects that you should consider when selecting an agency, so that you can find and keep the greatest personnel for your real estate business. Whether you work as a broker, agent, or property manager, the information we provide will assist you in making a decision that will have an impact on the bottom line of your company.
Recruiting Firm Vs Staffing Agency
If you have considered seeking professional help to outsource specific responsibilities, you may have come across two possibilities: staffing agencies and recruiting firms. Both share many of the same roles and responsibilities, so it’s easy to get confused on the difference. When it comes to the real estate industry, both act as middlemen in getting the correct workforce for the business, but there is a distinction.
A recruiting firm, also known as a placement agency, typically receive a one-time payment based on a certain percentage of the employee’s salary. They qualify applicants based on the specific tasks that you require, conduct the interview, and send the candidates to you for approval. Once you’ve chosen the candidate, the rest of the process is on you.
Staffing agencies, on the other hand, are paid on an ongoing basis, for as long as you have their service. This is like subscribing to a specific application, where you are being billed on a monthly basis, and for as long as you are subscribed to the service. If at any point you are not satisfied with the performance, you can either stop the service or ask for a replacement.
Some companies offer both services. They have a staffing agency, while at the same time, they have a placement option. Now that we have discussed the key difference between a recruiting firm and a staffing agency, let’s discuss outsourcing.
What is Outsourcing?
Outsourcing is the commercial practice of employing a third party, outside of the company, to carry out tasks that were previously completed in-house. It encourages businesses and organizations to direct resources where they will be the most useful. However, finding the right party or worker to do the tasks for you is a lengthy process, and this is where hiring a real estate agency can be most effective for you.
Tasks a Real Estate Company Can Outsource
The real estate industry is highly competitive. Businesses and individuals searching for properties, whether for professional or personal reasons, are constantly in demand. As selling a property necessitates legality and regulatory compliance, it is also extremely technical. Together with this, business owners also manage other facets, including their staff, resources, marketing plans, and bookkeeping.
Using agencies to provide you with manpower that helps with your real estate business is an advantage. Repetitive and administrative chores are assigned, allowing business owners to concentrate on securing contracts and transactions. Here are some tasks that a real estate company can outsource to virtual assistants.
Prospecting is widening your doors to more sales prospects and searching every crevice for more possible clients, whether they be buyers or sellers. Even if it’s very important to increase your sales, this can take a long time. Nevertheless, if you have a virtual assistant working for you, you will only need to focus on seeing clients and closing sales while they seek for more. This includes repetitive tasks like cold calling, text blasting, and email blasting.
- Data Entry
Skip-tracing platforms provide detailed information on prospects, but detail-oriented work is crucial in real estate. The difference between a sale and a missed opportunity might be made by failing to upload or update client information. Names, residence addresses, phone numbers, workplace locations, and status reports are all examples of client information. These details assist you to advance the contact along the sales funnel. This is a labor-intensive task that ought to be given to a virtual assistant.
This includes research, calendar management, coordinating transactions, preparing contracts for sale or rental, and other tasks that require documentation. Contracts in the real estate industry, for example, have several forms. Despite the fact that the contract types are the same, the substance may change based on local laws governing real estate and property deals. The last thing you would want is for contracts to be delayed while you are moving in to close the deal. By giving these responsibilities to virtual assistants, you can be sure that documents are readily available.
- Online Marketing
Whether it’s blogging and article writing, designing your website, creating graphics, running ad campaigns for your properties or the company, managing social media accounts, or others that involve digital and technical skills, there will always be a virtual assistant ready to handle these tasks for you. Rest assured that they will be creating leads for you, using the power of words and images, and at the same time, establishing your credibility in the industry.
- Database Management and Creation
The backbone of operations in the real estate industry is your database. This is the hub through which all information passes. But, for your database to be useful, it must be frequently updated, managed, and most importantly, properly structured. A virtual assistant trained in database management (DBM) can be a knowledgeable and important key player that keeps your business running smoothly.
Choosing the Best Agency
We have covered the main difference between a recruitment firm and staffing agency. By this time, you may have already decided which one to use. However, choosing the type of agency is just the first step. Choosing the RIGHT agency for your real estate business can be a major decision. You want to make sure that the one you choose is the best fit across many criteria. Here are 6 key factors to consider when selecting an agency:
- Industry Experience
Choose an agency that has expertise working in the real estate, specifically. They should understand the particular needs and specifications of your company and be able to suggest applicants who possess the qualifications and practical skills required to thrive in the real estate market.
Check references, read online reviews, and ask other real estate professionals for referrals to learn more about the reputation of the staffing agency or recruitment firm. A trustworthy firm will have a history of supplying top-notch applicants, and top-notch client support.
- Range of Service
Think about the variety of services the agency provides. Do they provide permanent, temporary, or temp-to-perm staffing solutions? Are they able to offer people for a range of positions, including those for real estate agents and brokers, as well as administrative assistants?
But even before you check on this, consider what part of your business you need assistance with and how you imagine the growth of your business. This will make it easier for you to decide on the best agency you’ll work with. Some agencies may have a lot of roles available on their service, but if this role does not fit your business, then consider other agencies that cater more to your unique needs and strategy.
- Screening and Selection Process
Learn about the selection and screening procedures used by the organization. What kind of background checks are conducted there? How do they assess the knowledge and expertise of candidates? You’ll get competent applicants who are a good fit for your company if you use a rigorous screening and selection procedure.
- Communication and Responsiveness
Throughout the employment process, look for an agency that responds quickly and communicates clearly with you. They must be available to respond to your inquiries and give you updates on the progress of your search.
- Fees and Contracts
Take into account the contract details and agency costs. Make sure you are completely aware of the prices and any other expenses related to their services. Moreover, carefully read the contract before signing, to be sure you understand the terms and conditions.
Using an agency, whether it be a staffing agency or a recruitment firm, can speed up your hiring process, ease your workload, and assist you in achieving your growth objectives. But, it is ultimately up to you to decide how far you involve the agency in your business.
After consideration of the key factors discussed, you should find a partner who can supply the talent and knowledge you need to grow your business and offers equitable solutions for all your real estate needs.